ChevronTexaco Announces Discovery in Gulf of Thailand Block G4/43

SAN RAMON, Calif., Jul. 22, 2004 -- ChevronTexaco affiliate Chevron Offshore (Thailand) Ltd. (COTL) today announced successful exploration and appraisal drilling results in Block G4/43, located in the Gulf of Thailand approximately 125 miles south of Bangkok. The successful results come less than a year after the G4/43 concession was awarded to COTL (operator, with an 85 percent interest) and PTTEP International Ltd. (15 percent interest) by the government of Thailand.

Two wells, the Lanta No. 1 exploration well and the Lanta No. 2 appraisal well, were drilled in June 2004. Lanta No. 1 was drilled to a measured depth of 10,358 feet and discovered 280 feet of oil and gas pay. Lanta No. 2 was drilled to a measured depth of 10,040 feet, encountering 194 feet of oil and gas pay.

Block G4/43 is located in shallow water (250-foot water depth) in the northern Gulf of Thailand and covers approximately 9,600 square kilometers (approx. 3,700 square miles). The block is adjacent to Block B8/32 where COTL-operated oil production averages 46,000 barrels per day, making COTL Thailand’s top oil producer. COTL also produces approximately 230 million standard cubic feet of gas per day from Block B8/32.

"We are encouraged by the results of the wells and the potential of our ongoing exploration efforts in the Gulf of Thailand," said Keli Taureka, COTL’s managing director.

George Kirkland, president of ChevronTexaco Overseas Petroleum, noted, "These wells are a continuation of the Benchamas trend from which ChevronTexaco is currently producing in Block B8/32. This exploration success positions us for continued growth in Thailand and the region."

ChevronTexaco currently holds a number of petroleum licenses in the Gulf of Thailand in Thailand and Cambodia waters.

Currently celebrating its 125th anniversary, ChevronTexaco is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 50,000 ChevronTexaco employees work in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at www.chevron.com.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

This news release contains forward-looking statements about Block G4/43 in the Gulf of Thailand. The statements are based on management’s current expectations, estimates and projections; is not a guarantee of future performance; and is subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the factors that could cause actual outcomes to differ materially are the results of the exploration program for Block G4/43 and general economic conditions. You should not place undue reliance on this forward-looking statement, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.